Ethena Trading Update

• Ethena is trading at $0.50 after gaining over 13%.
• ENA’s trading volume has increased by more than 33%.

With the active downturn in the crypto market, the majority of the assets have been bleeding red, setting a bearish tone. The largest cryptocurrencies, like Bitcoin (BTC) and Ethereum (ETH), have chosen to trade on the downside. Notably, Ethena (ENA) has registered a price surge of over 13.22% in the last 24 hours.

Ethena opened the day trading at a bottom level of $0.4453, and after testing the key resistance ranges between $0.4458 and $0.5095, the asset rose to a high of $0.51. Further upside may result in more gains. According to CMC data, as of this writing, Ethena trades at around the $0.5062 zone.

In addition, the market cap of ENA is settled at $3.3 billion, with its daily trading volume up by over 33.99%, reaching $1.11 billion. According to Coinglass data, during this period, the market has experienced a liquidation of $2.56 million worth of Ethena in the last 24 hours.

On the other hand, Arthur Hayes, co-founder of BitMEX, has purchased 2.16 million ENA worth $1.03 million. The acquisition was made through Binance, Galaxy Digital, and Flowdesk. With this purchase, Hayes now holds a total of 7.76 million ENA valued at $3.73 million.

Will ENA Bounce Back or Break Down Further?

Ethena’s Moving Average Convergence Divergence (MACD) line is found below the signal line, indicating a brief bearish momentum. The asset’s recent price movement is likely weakening and has potential for a continued downtrend. Additionally, the Chaikin Money Flow (CMF) indicator value is sitting at 0.21, suggesting strong buying pressure and inflow into the asset, a bullish sign for ENA.

ENA chart (Source: TradingView)

Moreover, the current market sentiment of the asset is in the moderately bullish zone as the daily Relative Strength Index (RSI) is at 57.01, indicating room for upward movement before hitting potential resistance. Ethena’s Bull Bear Power (BBP) reading of 0.0116 is mildly positive, signaling that bulls currently have the upper hand over bears.

The four-hour trading pattern of Ethena displays a negative outlook. The asset might plunge and retest the crucial support at the $0.5056 level. A steady downside correction could send the price toward $0.5049. On the upside, ENA bulls might help to identify the nearest resistance at $0.5067. Upon breaking this level, the price could see a bullish correction, potentially moving above the $0.5074 mark.